| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 4,078 | 19,043 | -78.58 | ||
| Gross Profit (Loss) | 1,986 | -5,947 | - | ||
| Operational Profit (Loss) | -23,833 | -34,555 | -31.03 | ||
| Net Profit (Loss) Attributable to Shareholders of the Issuer | -25,352 | -40,995 | -38.16 | ||
| Total Comprehensive Income Attributable to Shareholders of the Issuer | -25,270 | -40,715 | -37.93 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 50,287 | 75,557 | -33.44 | ||
| Profit (Loss) per Share | -3.78 | -6.12 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | 446 | 0.7 | |
| Accumulated Losses | -17,878 | -26.7 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Sales in 2025 declined by 78.6% compared to 2024, primarily due to a substantial reduction in wholesale activities, the absence of production cycles during the year, and the closure of a number of retail shops, all of which collectively impacted overall sales revenue. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net loss decreased by 38.2% compared to the previous year, primarily due to: |
• Absence of farm-related expenses for shrimp and fish production.
• Lower operating expenses following reduced business activity, including a 63% decrease in SG&A costs.
• A 20% reduction in G&A costs compared to the prior year, mainly driven by lower manpower costs and reduced professional fees in 2025.
• Zakat expense decreased by 80% compared to 2024, primarily due to reduced business activity during the period.
- Despite the improvement, the net margin remains negative, primarily due to:
• Fixed and idle costs of farms incurred during the year.
• Higher consultancy expenses related to capital restructuring initiatives.
• Provisions amounting to SAR 8.77 million were recognized during the period, including SAR 7.57 million for impairment of non-financial assets and SAR 1.67 million for inventory provisions, partially offset by an impairment reversal of SAR 0.48 million relating to trade receivables and advances to suppliers.
We draw attention to Note 2.4.1 in the financial statements, which states that the Group’s current liabilities
exceed its current assets by SR 13.527 million (2024: 60.43 million) which indicates that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these matters.
Impairment Assessment of Capital Work in Progress
The Group’s major assets—Capital Work in Progress
(CWIP)—relate to its farm, which remained nonoperational as at year-end. This constituted an indicator of impairment and required significant management judgment in assessing recoverability. CWIP was tested for impairment under IAS 36 (Impairment of Assets) by estimating recoverable amounts.
Management engaged an external valuation expert,
applying the market approach where comparable
transactions were available and the cost approach where
market data was limited. These methodologies involve
significant management judgment, including:
• The selection of comparable market transactions,
• Estimation of replacement costs adjusted for
depreciation and obsolescence, and
• Assumptions regarding the farm’s future
operational status.
Due to the estimation uncertainty and judgment involved, we identified this as a key audit matter.
Refer to Note 5 (accounting policies) and Note 7 (CWIP)
in the consolidated financial statements.
We have obtained the impairment tests provided by
management and performed following significant
procedures:
• Evaluated the competence, independence,
and objectivity of the external valuation
expert engaged by management.
• Engaged our valuation specialists to assess the
appropriateness of the valuation
methodologies applied, ensuring the market
and cost approaches were suitable for
determining the recoverable amount.
• Assessed whether the selected comparable
market transactions under the market
approach were relevant and reflective of the
asset type and market conditions.
• Verified that appropriate adjustments were
made for differences in location, asset
condition, and utility in the market approach.
• Evaluated the reasonableness of replacement
cost estimates under the cost approach,
ensuring they are appropriate.
• Performed substantive procedures to test the
accuracy and completeness of the input data
provided to the external valuer, including
asset details, historical costs, and condition
assessments.
• Assessed whether the disclosures in the
consolidated financial statements comply
with IAS 36 (Impairment of Assets) and IFRS
13 (Fair Value Measurement), ensuring
transparency in key assumptions and the
valuation approach.
OTHER INFORMATION
Other information consists of the information included in the Group’s 2025 annual report, other than the consolidated financial statements and our auditor’s report thereon. Management is responsible for the other information in its annual report.
Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
-The Company has submitted the application file for the proposed capital increase through a rights issue, amounting to SAR 334,930,200, to the Capital Market Authority (CMA) on 2 July 2025 .The application is currently under review and approval by the CMA, subsequent to the year-end.
-The Board of Directors approved, on 20 August 2025, the establishment of a wholly-owned (100%) limited liability company by Saudi Fisheries Company, headquartered in Al-Qassim, with a capital of SAR 100,000 (one hundred thousand riyals). The company will focus on dates trading, industry, and logistics services, subject to obtaining the necessary approvals and licenses from the relevant authorities. This step forms part of the Company’s strategy to restructure its activities and investments.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.